HomeMy WebLinkAboutFS 2008-02-20 Item 2B - Report - 2007 Sales Tax RevenueCYO of Tukwila
6200 Southcenter Boulevard 9 Tukwila, Washington 98185
MEMORANDUM
Jim Haggerton, Mayor
TO: Mayor Jim Haggerton
F
FROM: Kevin A. Fuhrer, Finance Director Vg
DATE: January 28, 2008
SUBJECT: SALES TAX REVENUE FOR BUDGET YEAR 2007
Sales Receipt Estimated 2007 2007 Actual Increase Increase
Month Month Receipts Receipts Or (Decrease) or (Decrease)
MONTH YTD MONTH YTD
01/07 03/07 $1,337,000 $1,323,922 $(13,078) $(13,078) (1.00)% (1.00)%
02/07 04/07 1,288,000 1,349,572 61,572 48,494 4.78% 1.85%
03/07 05/07 1,480, 000 1,707,105 227,105 275,599 15.34% 6.71%
04/07 06/07 1,402,000 1,481,508 79,508 355,107 5.67% 6.45%
05/07 07/07 1,427,000 1,497,150 70,150 425,257 4.92% 6.13%
06/07 08/07 1,575,000 1,767,947 192,947 618,204 12.25% 7 27%
07107 09/07 1,500,000 1,616,475 116,475 734,679 7.77% 7.34%
08/07 10/07 1,470,000 1,607,139 137,139 871,818 9.33% 7.59%
09/07 11/07 1,595,000 1,703,770 108,770 980,588 6.82% 7.50%
10/07 12/07 1,476,000 1,597,008 121,008 1,101,596 8.20% 7.57%
11/07 01/08 1,520,000 1,651,775 131,775 1,233,371 8.67% 7.67%
12/07 02/08 2,068,000 0 0 0 0.00% 0.00%
TOTALS $18,138,000 $17,303,371
1 have attached (4) charts that provide a 12 -month rolling sales tax collection by month, 3-
year comparison, sales tax by classification type, and sales tax growth year -to -date.
Some items of interest:
Robust levels of construction activity, transportation equipment manufacturing,
wholesale trade, and accomodations are leading to generous sales tax collections.
o Over a 16 -year period the average for the month represents 8.38% of total annual tax
collections.
Based upon the historical trend percentages, if the amount to date is extrapolated
one would anticipate annual sales tax collections to total $19,529,764 ($17,303,371/
.8860). Of course we need to be cautious when considering the extrapolated value
given the construction discussion above and it's one time /variable revenue nature.
For comparative purposes, 2006 and 2005 actual year -to -date collections were 6.57%
and 3.86% respectively above estimated collections. Continuing with a comparison,
the first (11) months of 2006 bore year -to -date collections of $15,691,933 while 2005
registered $14,799,445.
Phone: 206 -433 -1800 B City Hall Fax: 206-433-1833 a www.ci.tukwila.wa.us
Sales Tax by Month of Collection Rolling 12 Month Period
3 Year Comparison
Taxes Collected Year to Date
2005-2007
Sales Tax By Type
Sales Tax Growth Year to Date